The Richmond’s Fed President Thomas Barkin crossed the newswires, saying the latest inflation data is “less good,” expressing worries about services inflation.
In the meantime, the Judo Bank Flash PMIs for February were released, with the Composite and Services exceeding January’s readings and exiting from recessionary territory. The Services PMI came at 52.8, up from 491, and the Composite PMI was 51.8, up from 49. The outlier was Manufacturing, which came at 47.7, missing December’s 50.1, suggesting that manufacturing activity is contracting.
Warren Hogan, Chief Economist Advisor at Judo Bank said: “The February Flash PMI results weaken the case for monetary policy easing any time soon. If anything, the improvement in activity indicators in 2024 and a slight uptick in the price indexes suggest that the risks to monetary policy remain even balanced
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